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I know it has happened in the past. There are plenty of examples. With that said, i'd take my chances with a strengthening Hurricane in the middle of the Atlantic than one "exploding" like Charley did two weeks ago.
There have been Hurricanes that maintained Cat 3 or Cat 4 status most of the way across the Atlantic.
I worry about "exploding" Hurricanes right before landfall. Not in the middle of the Atlantic.